United Kingdom: Consumer sentiment worsens in August
The GfK consumer confidence indicator registered minus 14 points in August, down from July’s minus 11 points. As a result, the index remained in negative territory, where it has been since April 2016, highlighting that consumers are broadly pessimistic.
August’s reading was driven by gloomier sentiment regarding personal finances and the general economic situation. Consumers also grew less willing to make major purchases.
According to Joe Staton, Client Strategy Director at GfK: “Until Brexit leaves the front pages – whenever that will be – consumers can be forgiven for feeling nervous not just about the wider economy but also about their financial situation.”